Fred Reish, partner at Drinker Biddle, will direct efforts with Lincoln to highlight for plan sponsors the critical role in-plan guarantees can play in addressing a growing need in the industry: helping to make sure people have enough income throughout their retirement years. Lincoln and Drinker Biddle will also work together to provide plan sponsors with a better understanding of the fiduciary responsibilities associated with evaluating in-plan guarantee products and adding them to a plan’s lineup.
“As participant savings goals shift to strategies that will take them to and through retirement, plan sponsors are looking for ways to address this need,” said Chuck Cornelio, president, Retirement Plan Services, Lincoln Financial Group. “Some of the plan features becoming more prevalent include guaranteed withdrawal benefits, lifetime income options and principal protection strategies within plans. We’re confident that working with Drinker Biddle will strengthen our offering and help plan sponsors better navigate their fiduciary responsibilities in choosing an in-plan guarantee to help create better retirement outcomes for participants.”
Drinker Biddle’s Retirement Income Team was formed to provide financial services companies with guidance on retirement income solutions. The team brings together lawyers and professionals across multiple disciplines of the firm including employee benefits, investment management, securities, insurance, income taxation and government relations.
“The popularity of defined contribution plans, combined with the aging of the Baby Boomers, has heightened the need for sustainable lifelong income for retirees,” said Reish. “Concerned plan sponsors will want to help their employees find effective and reasonably priced solutions by offering products, such as in-plan guarantees, as part of their defined contribution plans. Insurance companies are uniquely experienced and qualified at managing risk and providing guarantees as viable solutions within retirement plans. Lincoln and Drinker Biddle share a common goal of helping participants have greater confidence in their income in retirement.”